7 FAQs by CBDT on TCS u/s 206C on Motor Cars Purchase

From 1st June 2016, the law of Tax Collection at Source u/s 206C (ID) from almost all kinds of transaction in cash exceeding Rs 1 Lakh shall be effective. This law is going to effect a very large number of small traders as well . A separate posting on the effect will be made later this week But right now , beinformed that CBDT has tried to clarified certain points related to application of TCS on purchase of motor cars through eight seven FAQs vide its Circular No 22/ 2016 dt 8th June . Basically , the following carifcations has been given

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